Medical Tourism Market – Analysis by Size, Share, Growth & Forecast 2030 | UnivDatos

 

Medical Tourism: A Booming Industry Offering Affordable Healthcare Alternatives

The medical tourism market is expected to see a healthy growth of 10% over the next six years (2021-2027). This surge is fueled by a confluence of factors, including:

·        Economic: Tightened eligibility criteria, waiting lists, and shifting healthcare priorities in some countries push individuals to seek affordable alternatives abroad.

·        Social: Familiarity with certain destinations, cultural connections, and the desire for a combined vacation-and-treatment experience attract patients.

·        Technological: Advanced procedures and treatment options available in specialized medical tourism hubs entice patients seeking cutting-edge care.

·        Bioethical considerations: International travel allows access to services restricted in some countries, like abortion, fertility treatments, and euthanasia.

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Cost Savings are a Major Draw:

·        Panama: Medical services cost 40-70% less compared to the US or Canada.

·        Hungary: Save 40-50% on dentistry and cosmetic surgeries.

·        Mexico: A popular choice for Americans, offering 25-35% savings. Nine hospitals boast Joint Commission International accreditation.

·        India: Healthcare services 20% cheaper than the US.

·        Thailand: Enjoy 30% lower costs than in North America. Singapore, with 13 Joint Commission International-accredited hospitals, offers 35% cost savings compared to North America.

Key Players in the Landscape:

Major players like Apollo Hospitals, Fortis Healthcare, Asian Heart Institute, Kpj Healthcare Berhad, and NTT Medical Center Tokyo cater to the growing demand. Mergers and acquisitions, along with partnerships, ensure patients have access to the latest advancements and technologies.

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Treatment Trends:

·        Cancer treatment: Currently dominates the market, but fertility treatment is expected to see the highest growth due to its increasing affordability in regions like the Middle East.

·        Orthopedic treatment: A popular choice due to its high success rates and cost-effectiveness.

·        Cardiovascular treatment: Advanced procedures at competitive prices attract patients worldwide.

Regional Landscape:

·        Asia-Pacific: The largest market due to the availability of skilled professionals and lower treatment costs. Patients can save 30-80% compared to Western countries. For example, heart surgery in India costs around $7,000 compared to $30,000 in the US.

·        Europe: Popular for its expertise in specific treatments and its proximity to patients in countries with limited healthcare options.

·        North America: While not a major destination, some Americans seek specialized treatments or alternative therapies abroad.

The Future of Medical Tourism:

As healthcare costs continue to rise in many countries, medical tourism is expected to play an increasingly important role in providing affordable, high-quality care. With advancements in technology and travel becoming more accessible, this industry is poised for continued growth and diversification.